Europe Pet Insurance Market Size & Outlook, 2023-2030
Europe pet insurance market, 2018-2030 (US$M)
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Europe pet insurance market highlights
- The Europe pet insurance market generated a revenue of USD 5,116.4 million in 2023.
- The market is expected to grow at a CAGR of 14.1% from 2024 to 2030.
- In terms of segment, accident & illness was the largest revenue generating coverage type in 2023.
- Accident & Illness is the most lucrative coverage type segment registering the fastest growth during the forecast period.
- Country-wise, Italy is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 5,116.4 million |
| Market revenue in 2030 | USD 12,912.4 million |
| Growth rate | 14.1% (CAGR from 2023 to 2030) |
| Largest segment | Accident & illness |
| Fastest growing segment | Accident & Illness |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Accident & Illness, Accident only |
| Key market players worldwide | Trupanion Inc, Allianz SE, Direct Line Insurance Group PLC, MetLife Inc, Deutsche Familienversicherung, Anicom, Animal Friends Insurance, Figo Pet Insurance, Nationwide Mutual Insurance, Embrace Pet Insurance, Ipet Insurance, Pumpkin Insurance Services |
Other key industry trends
- In terms of revenue, Europe region accounted for 44.2% of the global pet insurance market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 5,640.2 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Europe pet insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pet insurance market will help companies and investors design strategic landscapes.
Accident & illness was the largest segment with a revenue share of 83.75% in 2023. Horizon Databook has segmented the Europe pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
Europe held the largest revenue share of the global pet insurance market as of 2023. In Europe, the UK and Sweden exhibit the highest pet insurance penetration. The considerable cost of veterinary care and the tendency of pet owners to purchase pet insurance are significant drivers in the region.
Moreover, a rise in the number of companion animals and a high per capita income are two components driving market growth. According to an article published in September 2023 by the Pet Food Industry, in 2022, cats were the most popular pet in Europe, accounting for 127 million or 26% of all households. Dogs followed by just 1%, with 25% of homes in Europe owning a pet dog.
The European pet insurance market is not adequately regulated by a professional regulatory agency in Europe. Insurance companies offer lifetime, non-lifetime, and accident-only plans. Players can enter into the European market easily due to high demand.
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Our clientele includes a mix of pet insurance market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe pet insurance market , including forecasts for subscribers. This continent databook contains high-level insights into Europe pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe pet insurance market size, by country, 2018-2030 (US$M)
Europe Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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